The real estate market in Chicago has gained some grounds this 2015. Overall, Chicago has gained very good and big real estate deals, which has helped in keeping the economy in good shape.
Chicago has witnessed an all-time high in terms of record sales of per-unit apartments. The deal for Wacker Driver rental tower has vigorously asserted that apartment rentals remained strong. The deal also paved the way for new projects in the area.
Office spaces are out of the question too. Big tenants are slowly moving in the Chicago downtown area like Kraft Heinz, ConAgra and Motorola Solutions. The $1.3 billion deal for the Willis Tower back in June has made it even stronger. This is so far the highest amount ever paid for an office in the United States that is not in New York, Chicago Business reported.
A few of the notable real estate deals that happened in Chicago this year include:
Kraft Heinz, the food conglomerate has moved its Chicago-area headquarters in downtown, the Aon Center from Northfield. ConAgra Foods is moving from Omaha, Nebraska towards the Merchandise Mart. Also, Motorola Solutions is moving towards 500W. Montro St. from Schaumburg.
The $400 million project for the Lucas Museum of Narrative Art has seen the green light in October and is expected to commence in the coming spring. Waldorf Astoria in the Gold Coast owned by the billionaire financier Sam Zell was sold in July to Laurence Geller, the Chicago hotelier for $111.9 million. It is another record in Chicago where a room is priced at $592,000, Guardian Liberty Voice reported.
Meyer Bergman also acquired three buildings for $295 million. The British investment firm purchased 663, 669 and 673 N. Michigan Avenue, which is being occupied by the flagship store of Nike.
Lastly, CNA Financial will be moving to a new office location being developed by John Buck.